NC vs QQQ: Correlation
Measured on weekly returns over the past three years, NACCO Industries, Inc. (NC) and Invesco QQQ Trust (QQQ) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NC and QQQ?
On 3 years of weekly data the NC/QQQ correlation comes out at 0.13, weak. Lately the two have drifted apart, with the 1-year correlation at -0.15 versus 0.13 over 3 years. The 5-year figure is 0.14, and annualized covariance runs at 94.6 %².
QQQ is close to the least connected end of NC's tracked universe, ranking #7 of 10. The trailing year gives QQQ the advantage: +12.2% versus +26.3%, a 14.1-point spread. Risk is not evenly split, since NC carries 1.9 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NC vs QQQ: side by side
| NC (NACCO Industries, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +12.2% | +26.3% |
| 5-year return | +96.1% | +95.4% |
| Volatility (ann.) | 36.3% | 19.6% |
| Beta vs S&P 500 | 0.46 | 1.28 |
| Max drawdown (3Y) | -31.2% | -22.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 2.39% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | NC | QQQ |
|---|---|---|
| 2022 | +6.7% | -32.6% |
| 2023 | -1.5% | +54.9% |
| 2024 | -15.9% | +25.6% |
| 2025 | +68.8% | +20.8% |
| 2026 | -11.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NC and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between NC and QQQ?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with -0.15 over the last year and 0.14 over 5 years.
Is QQQ a good diversifier for NC?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: NC correlations · QQQ correlations
